FF vs HCWB: Correlation
How closely do FutureFuel Corp. (FF) and HCW Biologics Inc. (HCWB) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FF and HCWB?
On 3 years of weekly data the FF/HCWB correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.25). The 5-year figure is -0.21, and annualized covariance runs at -2887.3 %².
HCWB is close to the least connected end of FF's tracked universe, ranking #11 of 12. The last year tells two different stories: FF led by 129.6 percentage points, +38.4% for FF against -91.2% for HCWB. Risk is not evenly split, since HCWB carries 4.9 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FF vs HCWB: side by side
| FF (FutureFuel Corp.) | HCWB (HCW Biologics Inc.) | |
|---|---|---|
| 1-year return | +38.4% | -91.2% |
| 5-year return | +11.5% | -99.7% |
| Volatility (ann.) | 48.8% | 238.8% |
| Beta vs S&P 500 | 0.88 | 1.21 |
| Max drawdown (3Y) | -47.9% | -99.7% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.58% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FF | HCWB |
|---|---|---|
| 2022 | +9.9% | -17.5% |
| 2023 | -22.8% | -36.0% |
| 2024 | +31.0% | -63.6% |
| 2025 | -35.8% | -94.6% |
| 2026 | +65.4% | -45.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FF and HCWB good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FF and HCWB?
As of 2026-08-27, the correlation of weekly returns between FF and HCWB is -0.25 over 3 years, -0.38 over 1 year and -0.21 over 5 years.
Is HCWB a good diversifier for FF?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ff-vs-hcwb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ff-vs-hcwb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FF correlations · HCWB correlations
